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June 18, 2009
What could $20 million buy? Little more than this East New York site (adjusted for size), with much lower development rights
Atlantic Yards Report
Atlantic Yards developer Forest City Ratner is about to strike a deal with the Metropolitan Transportation Authority (MTA) to only cough up $20M for the arena portion of the development rights for the Vanderbilt Railyard. Norman Oder has been poking around the metropolitan area, looking for comparable land values.
Today he digs up a site in East New York that is slated for affordable housing.
The Spring 2009 Massey Knakal sales Journal, covering the second half of 2008, indicates that a 20,000 square foot lot in East New York sold for $3.45 million, to support affordable housing.
The segment of the Vanderbilt Yard at issue is 495' x 200', or 99,000 square feet, 4.95 times larger than the East New York site. If you multiple the East New York price by 4.95, it comes out to $17.08 million.
NoLandGrab: If approved, this would make another giant sweetheart deal between Ratner and the MTA. It is truly amazing how Ratner manages to advance his interests before that of commuters.
Posted by lumi at June 18, 2009 6:28 AM